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BOE explains change in ownership statement penalty

Monday, January 02, 2012

The BOE has issued a letter to county property tax assessors explaining that, effective January 1, 2012, the time for filing a change in ownership statements is changed from 45 days to 90 days. (Letters to County Assessors, No. 2011/048, December 16, 2011)

Also, the maximum penalty for failure to file the statement has increased from $2,500 to $5,000 for property eligible for the homeowners’ exemption and to $20,000 for property not eligible for that exemption.

At Spidell’s Federal/California Tax Update Seminar we will talk about:

What property tax is deductible
How the new federal Schedule D works
How to treat the sale of gold and silver
What happens if your client is selling stuff on e-Bay
New laws coming this year and old laws going away

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